Top cryptocurrencies rebounded on Sunday following a major crash over the past few days, as the US published strong non-farm payrolls (NFP) data. Humanity Protocol (H) token rose for three consecutive days, reaching a high of $0.7055, up by 30% from its lowest point this month. Its 24-hour volume rose to over $255 million.
Terra Luna Classic (LUNC) token also rose by 22% to $0.00006700, from the weekend low of $0.000055. Audiera (BEAT) token jumped by over 20%, while Toncoin (TON) rose by 17%. Other top tokens that led the rebound were Canton, Siren, and Pudgy Penguins.
Why Humanity, LUNC, Audiera, Toncoin are rising
Humanity Protocol is a top crypto project that is in the human verification industry. The idea is that, as AI agents become more common, companies will need to verify whether there are human beings on the other side.
It uses a more unique and decentralized approach than World, which Sam Altman and his team created. Humanity token is rising because it is usually seen as an AI project.
Terra Luna Classic has done well and is up by 120% from its lowest point this year. It is even beating popular cryptocurrencies like Bitcoin and Ethereum that have continued to underperform the market. This performance is mostly because of its tokenomics, which have reduced the number of tokens in circulation.
Audiera is a crypto project in the AI industry that runs a platform enabling users to generate music, art, and creative content. Its token has jumped by over 1,000% from its lowest point this year, and is hovering at its highest point since December last year.
Toncoin price has also rebounded in the past two days. This rally is mostly because the team recently decided to rebrand the project as Gram, in its return to its original name. The rebrand comes as the team prepares the next major upgrade that will boost its speeds and slash fees.
Potential dead-cat bounce in the crypto industry
The ongoing rebound of top tokens like Humanity, LUNC, Audiera, and Toncoin is happening as Bitcoin (BTC) bounces back. It rebounded to a high of $62,000 after falling below $60,000 during the weekend. In most cases, top altcoins do well whenever Bitcoin is rising.
Before that, Bitcoin and other altcoins retreated for several reasons. For example, the US published strong non-farm payrolls (NFP) data, which showed that the economy added over 172k jobs in May, with the unemployment rate remaining at 4.3%. Another ADP showed that the private sector created 122k jobs.
The crypto market crash happened as investors reacted to the ongoing ETF outflows. Bitcoin and Ethereum ETFs shed billions of dollars in assets last week as investors rotated to the stock market.
Therefore, the ongoing Humanity, Audiera, LUNC, and Toncoin prices rebound is likely a dead-cat bounce (DCB). A DCB is a situation where an asset in a freefall rebounds temporarily and then resumes the downtrend. This temporary rebound happens as investors are starting to buy the dip.
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